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Tuesday, 25 April 2017

How much important is Possession Letter and Occupancy Certificate for Homebuyers?

Many
home-buyers, particularly first-timers are not aware of Occupancy
Certificate (OC) and often mistake it to be the same as possession
letter. There are several documents which are required during the
purchase of a property and obtaining them could prove to be a tedious
process. But occupancy certificate is a crucial document which must
be sought and buyers have the right to take legal action against the
developer if the same is not given to them.

As
these certificates are not required while registering a property, the
vast majority of the home buyers tend to disregard or ignore
gathering these documents from their previous owners or developers of
the apartment.

Possession
Letter

The
possession letter is issued by the developer for the buyer expressing
the date of ownership of the property. The original copy of this
document needs to be produced for securing a home loan. A possession
letter alone would not suffice for legitimate ownership of the
property unless OC has been acquired.

Occupancy
Certificate

Occupancy
Certificate is issued at the end of the construction by a local
government agency or planning authority. The document is a proof of
the building's compliance with applicable building codes and other
laws. It indicates that the property is in a suitable condition for
occupancy. The developer is in charge of acquiring occupancy
certificate and is issued only once the building has been finished in
all regards and is prepared to be possessed. A completion certificate
is received by the builder from the metropolitan authorities upon
completion of construction.

Acquiring
Occupancy Certificate can be required under respective State laws.
According to these state laws, one can't lawfully move into a
building unless the builder or developer gets an Occupancy
Certificate from the particular nearby authoritative or municipal
bodies. The corporation or municipality can request that the property
owners leave such unlawfully possessed flats or force overwhelming
penalties for the sake of 'regularization'.

Conclusion

There
are a huge number of apartments in urban areas like Bengaluru, Mumbai
or Delhi which have been possessed with no Occupancy Certificates. In
a large number of the cases, the building arrangements of these flats
are affirmed however they don't get OCs due to not adhering to the
approved building plan or because of different infringement.

As
an informative buyer, you ought not act in flurry. While grasping
handover of the property, ensure the developer furnishes you with
every one of the documents. You have legitimate appropriate to get
all the property related documents. So don't listen to any excuse
given by the developer and immovably ask for possession letter,
occupancy certificate, and other documents.

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